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Market Update

Sainsbury Reported Stronger Sales Growth, Eurofin Acquires Lab Bromatologie

Author: Sarla Buch
Last Update: 12:40 PM EDT July 04 2018

4:00 PM Frankfurt – Gresham Technologies tumbled after revenues declined. Eurofins Scientific closed the acquisition of France-based rival LBO. Sainsbury jumped after strong first-quarter revenues growth and the retailer finalized the £3.5 billion financing for the purchase of Asda.

In London trading, FTSE 100 index decreased 24.61 or 0.3% to 7,568.68 and in Frankfurt the DAX index fell 46.63 or 0.4% to 12,302.48.

In Paris, CAC 40 index edged down 2.925 to 5,313.84.

Gresham Technologies Plc tumbled 13.7% to 170 pence after the U.K.-based enterprise software developer said revenues in the first-half ending in June declined 5%.

However, Gresham said first-half revenues in Clareti segment soared 12% and services segment revenues soared 56%.

In addition, Gresham said it had completed the acquisition of bank-to-corporate software provider B2 Group for €8.5 million.

Eurofins Scientific SE fell 0.4% to €453.40 after Luxembourg-based laboratory testing services provider said it completed the acquisition of France-based food products microbiological and physicochemical analyses provider Laboratoire de Bromatologie de l’Ouest.

Infineon Technologies dropped 2.2% to €20.87 after a court in China temporarily banned the sale of 26 chip products on the mainland.

J Sainsbury Plc jumped 3.2% to 328.70 pence after the U.K.-based supermarkets operator reported retail sales in the first-quarter ending in June increased 0.8% and comparable sales rose 0.2% and grocery sales advanced 0.5%.

The retailer said online sales soared 7.3% and sales in convenience stores jumped 3.6% and sales in general merchandise increased 1.7% and apparel sales gained 0.8%.

Separately today, J Sainsbury agreed with its bankers the financial plan of £3.5 billion for the proposed merger with Asda Stores Limited.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc